Canadian Oilsands 2013/2014 – Between a Rock and a Hard Place

2013/2014 will be a critical year for Canadian oil sands projects. Today, they stand between a rock (shale oil) and a hard place (price discounts due to pipeline constraints). Oil and gas shale production has revolutionized US energy production, reducing imports of oil by nearly 50%, cutting coal production, and significantly reducing CO2 emissions. Nigerian oil exports to the US fell by 50% between 2011 and 2012. A month ago, on March 13, OPEC cut its demand for its member country exports once again, citing US increased production from oil shale. The EIA estimates that US oil shale production will be 900,000 barrels per day in 2013.
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